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Tokyo DisneySea Theme Park Set for $2.3 Billion Upgrade

Tokyo DisneySea, the theme park located next door to Tokyo Disneyland, is set for a huge upgrade.

Oriental Land, the listed company that operates the Japanese parks, said it plans to spend $2.3 billion (JPY250 billion) on renovations and upgrades that would allow it to earn an additional $460 million (JPY50 billion) per year. That is in addition to a $JPY100 billion renovation previously announced. In a statement, Oriental Land said that has agreed a 30-year extension to its license with Disney, taking it to 2076.

The expansion will include a hotel and new areas based on “Frozen” and “Peter Pan,” Oriental Land said. The work should be completed by 2022.

Disney recently expanded its Shanghai park with the April opening of Toy Story Land. And it has agreed terms with the Hong Kong government for the expansion of the Hong Kong Disneyland park which opened in 2006. That will include a new “Frozen” section and another based on Marvel.

Tokyo Disneyland opened in 1983. Tokyo DisneySea opened in 2001. Shanghai Disney Resort opened two years ago this month, today also lifted the curtain on the Mandarin-language production of Disney’s “Beauty and the Beast” musical. A red-carpet leading to the Walt Disney Grand Theater welcomed celebrities; the show’s international creative and production teams.

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